Oil Prices Steady Amid Ongoing US-Iran Tensions and Shipping Concerns
Oil prices stabilized in early trading on Thursday as investors evaluated the situation surrounding the US-Iran war and the security of shipping through the Strait of Hormuz.
Brent crude futures for October delivery rose 25 cents, or 0.3%, to $91.87 a barrel by 0037 GMT, while U.S. West Texas Intermediate crude futures for September slipped 2 cents to $85.81 a barrel.
The more active October WTI contract gained 14 cents, or 0.2%, to $84.53. Both Brent and WTI benchmarks had gained for a fourth straight session on Wednesday, settling at their highest since July 24.
Nissan Securities Investment's chief strategist Hiroyuki Kikukawa stated that 'oil prices remained elevated as the market is supported by sporadic attacks in the Middle East but lacks fresh momentum without a major escalation.'